first quarter 2020 earnings...operating history, our competition, fluctuations in the solar and...

sunnova.com

CONFIDENTIAL

First Quarter 2020 EarningsMay 14, 2020

Legal Disclaimer• This presentation and the accompanying oral presentations contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended,

and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operatingperformance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates,” “goingto,” "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms orexpressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this presentation include, but are not limited to,statements regarding Sunnova’s future customer growth rate, future contracted customer value, future financial and operating performance, including its outlook and guidance,demand for Sunnova’s products and services, future financing and ability to raise capital therefrom, maintenance and growth of our dealer network and the future of solarenergy and energy storage services. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risksand uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limitedoperating history, our competition, fluctuations in the solar and home-building markets, our ability to attract and retain dealers and customers and our dealer and strategicpartner relationships. The forward-looking statements contained in this presentation are also subject to other risks and uncertainties, including those more fully described inSunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2019. The forward-lookingstatements in this presentation are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-lookingstatements, except as required by law.

• In addition to financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), this presentation and the accompanying oralpresentation include certain non-GAAP financial measures, including Adjusted EBITDA, Adjusted Operating Cash Flow and Adjusted Operating Expense. These non-GAAPmeasures are presented for supplemental informational purposes only and should not be considered a substitute for financial information presented in accordance with GAAP.These non-GAAP measures have limitations as analytical tools, and they should not be considered in isolation or as a substitute for analysis of other GAAP financial measures.Adjusted EBITDA and Adjusted Operating Expense are non-GAAP financial measures that help management, investors and securities analysts in evaluating Sunnova’sperformance. These measurements are not recognized in accordance with GAAP and should not be viewed as alternatives to GAAP measures of performance. The GAAPmeasures most directly comparable to Adjusted EBITDA and Adjusted Operating Expense are net income/loss and total operating expense, respectively. Adjusted OperatingCash Flows is a non-GAAP measure that helps management, investors and analysts in evaluating Sunnova’s liquidity and ability to service its contractual obligations. Thismeasurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of liquidity. The GAAP measure most directlycomparable to Adjusted Operating Cash Flow is net cash used in operating activities. Adjusted EBITDA, Adjusted Operating Cash Flows and Adjusted Operating Expense havelimitations as analytical tools, and should not be considered in isolation or as a substitute for analysis of Sunnova’s results as reported under GAAP. In addition, AdjustedEBITDA, Adjusted Operating Cash Flow and Adjusted Operating Expense are not necessarily comparable to Adjusted EBITDA, Adjusted Operating Cash Flow or AdjustedOperating Expense as calculated by other companies. Reconciliations of each of these measures to their most directly comparable GAAP measure are included in the appendixto this presentation for historical periods. Sunnova is unable to reconcile projected Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to themost comparable financial measures calculated in accordance with GAAP because of fluctuations in interest rates and their impact on our unrealized and realized interest ratehedge gains or losses. Sunnova provides a range for the forecasts of Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to allow for thevariability in the timing of cash receipts and disbursements, customer utilization of our assets, and the impact on the related reconciling items, many of which interplay with eachother. Therefore, the reconciliation of projected Adjusted EBITDA, Adjusted Operating Expense and Adjusted Operating Cash Flow to projected net income (loss), totaloperating expense, or net cash provided by (used in) operating activities, as the case may be, is not available without unreasonable effort.

• This presentation includes operational metrics such as number of customers, weighted average number of customers and estimated net and gross contracted customer value.These operational metrics are not necessarily comparable to the same or similar metrics as calculated by other companies.

• This presentation and the accompanying oral presentation also contain market data, statistical data, estimates and forecasts that are based on independent industrypublications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, andyou are cautioned not to give undue weight to such information. Some data are also based on Sunnova’s good faith estimates, which are derived from its review of internalsources as well as the independent sources described above. Although Sunnova believes these sources are reliable, we have not independently verified the accuracy orcompleteness of the information contained in the industry publications and other publicly available information. Accordingly, Sunnova makes no representations as to theaccuracy or completeness of that information nor do we undertake to update such information after the date of this presentation.

2

85.4K Customers as of 3/31/2020

• Approximately 6,800 customers added in Q1 2020

• Rate of customer acquisition more than doubled to 107% in Q1 2020 vs Q1 2019

191 Dealers and Sub-Dealers as of

3/31/2020

• Up from a total dealer and sub-dealer count of 155 at 12/31/2019

30% Storage Attachment Rate in

Q1 2020(1)

• Up from Q4 2019 attachment rate of 24%

• Penetration rate of storage in customer base is 4.4% at 3/31/2020

1. Attachment rate on origination

Accelerating Growth Rates

3

1. Adjusted EBITDA and Adjusted Operating Cash Flows are non-GAAP financial measures. Please see the Appendix for a reconciliation to the most directly comparable GAAP measure2. Net of amounts recorded in revenue

Financial Results

$6.2 MillionQ1 2020 Adjusted EBITDA(1)

$10.8 MillionQ1 2020 Principal(2) and Interest

Payments Received on Solar Loans

$(20.1) MillionQ1 2020 Adjusted Operating Cash

Flow(1)

4

$2.0 Billion Estimated Gross Contracted Customer Value at 3/31/2020 Discounted at 6%

49.8

63.6

85.4

3/31/2018 3/31/2019 3/31/2020

Total Customers (000s)

$4.6$8.1

$6.2

$1.1

$2.3$4.4

$1.3

$3.4$6.4

Q1 2018 Q1 2019 Q1 2020

Adjusted EBITDA(1) and P(2) & I ($M)Adj. EBITDA Interest Principal

($16.0) ($15.9)

($20.1)

Q1 2018 Q1 2019 Q1 2020

Adjusted Operating Cash Flow(1) ($M)

1. Adjusted EBITDA and Adjusted Operating Cash Flows are non-GAAP financial measures. Please see the Appendix for a reconciliation to the most directly comparable GAAP measure2. Net of amounts recorded in revenue

Customer Growth Driving Changes in Financial Profile

5

11%15%

24%

30%

Q2 2019 Q3 2019 Q4 2019 Q1 2020

Battery Attachment Rate at Origination

Creating shareholder value by growing high quality, long-term contracted revenues

$641$709

$895$861$952

$1,211

3/31/2018 3/31/2019 3/31/2020

Estimated Net Contracted Customer Value ($M)

6% Discount Rate 4% Discount Rate

$1,270

$1,568

$2,035

$1,492

$1,827

$2,351

3/31/2018 3/31/2019 3/31/2020

Estimated Gross Contracted Customer Value ($M)

6% Discount Rate 4% Discount Rate

Escalating Contracted Customer Value

6

sunnova.com

CONFIDENTIAL

Financial Highlights

$ millions

Key Financial Results 2020 2019 2018

Revenue $29.8 $26.7 $19.8

Adjusted Operating Expense(1) $23.6 $18.6 $15.2

Adjusted EBITDA(1) $6.2 $8.1 $4.6

Loan Principal Payments Received(2) $6.4 $3.4 $1.3

Loan Interest Payments Received $4.4 $2.3 $1.1

Adjusted Operating Cash Flow(1) $(20.1) $(15.9) $(16.0)

3/31/2020 3/31/2019 3/31/2018

Est. Gross Contracted Customer Value (6% discount rate) $2,035 $1,568 $1,270

Est. Gross Contracted Customer Value (4% discount rate) $2,351 $1,827 $1,492

Est. Net Contracted Customer Value (6% discount rate) $895 $709 $641

Est. Net Contracted Customer Value (4% discount rate) $1,211 $952 $861

Three Months Ended March 31

$ millions

1. Adjusted Operating Expense, Adjusted EBITDA, and Adjusted Operating Cash Flow are non-GAAP financial measures. Please see the Appendix for a reconciliation to the most directly comparable GAAP measure2. Net of amounts recorded in revenue

Key Financial Update

8

2020 Selected Accomplishments YTD ($M)

Feb 2020-1 Securitization $412.5

Feb TPO Warehouse $50

Feb Tax Equity $75

Mar TPO Warehouse $200

May Tax Equity $75

May Convertible Debt $190(1)

Cash ($M)

3/31/2020 12/31/2019

Cash $73.4 $83.5

Restricted Cash $95.8 $66.8

Total Cash $169.2 $150.3

2020 Financing Activity

91. Up to $190 million. On May 13, 2020, Sunnova closed on a $130 million senior unsecured convertible note facility which included a 30-day option in which the investors may purchase up to $60 million in additional notes

Guidance and Key Takeaways

Customer Additions

28,000 – 30,000Adjusted EBITDA(1)

$58 – $62 MillionPrincipal Payments Received from Solar Loans(2)

$32 – $36 MillionInterest Payments Received from Solar Loans

$17 – $21 MillionAdjusted Operating Cash Flow(1)

$10 – $20 Million

2020 Guidance Reaffirmed

11

1. Adjusted EBITDA and Adjusted Operating Cash Flow are non-GAAP financial measures.2. Net of amounts recorded in revenue

Sunnova raised corporate capital of up to $190 million at accretive terms in order to provide the liquidity needed to continue its strong growth and be fully prepared for any further market disruptions

2020 Projected Cash Proceeds(1)

12

Cash Proceeds: After Growth Investments and Financing

$85 - $105 million

Represents new investment in our customer base, asset and corporate level financing,

securitizations, interest rate hedge cashflows, and debt amortization

Cash Flow from Existing Operations

$5 - $15 million

Represents Adjusted Operating Cash Flow(2)

less corporate capital expenditures

1. We believe this view of cash flow can be useful to investors as a measure of cash generated (used) by our existing operations, our growth, and our asset level financing.2. Adjusted Operating Cash Flow is a non-GAAP financial measure.

Key Takeaways

GROWTH: Continued outsized customer growth

SERVICE: Premier provider of long-term customer service

CASH: Focused on long-term, recurring cash flow creation

13

Appendix

Three Months EndedMarch 31,

2020 2019 2018

Reconciliation of Net Loss to Adjusted EBITDA: (in thousands)

Net loss $(77,004) $(35,496) $(13,436)

Interest expense, net 67,318 31,661 4,983

Interest expense, net–affiliates - 1,822 2,493

Interest income (4,620) (2,494) (1,192)

Depreciation expense 14,946 11,012 8,964

Amortization expense 9 5 33

EBITDA 649 6,510 1,845

Non-cash compensation expense 2,690 387 726

ARO accretion expense 489 313 211

Financing deal costs 116 119 1,523

Natural disaster losses and related charges, net 31 - 316

IPO costs - 739 -

Amortization of payments to dealers for exclusivity and other bonus arrangements 351 - -

Provision for current expected credit losses 1,864 - -

Adjusted EBITDA $6,190 $8,068 $4,621

Non-GAAP Reconciliation – Adjusted EBITDA

15


2020 2019 2018

Reconciliation of Net Cash Used in Operating Activities to Adjusted Operating Cash Flow: (in thousands)

Net cash used in operating activities $(58,112) $(24,430) $(19,220)

Principal proceeds from customer notes receivable 6,940 3,757 1,526

Financed insurance payments (2,398) - -

Derivative breakage fees from financing structure changes 31,122 3,428 (666)

Distributions to redeemable noncontrolling interests (1,373) (3,652) (339)

Payments to dealers for exclusivity and other bonus arrangements 5,344 2,000 -

Net inventory and prepaid inventory (sales) purchases (1,593) 2,967 2,742

Adjusted Operating Cash Flow $(20,070) $(15,930) $(15,957)

Non-GAAP Reconciliation – Adjusted Operating Cash Flow

16


2020 2019 2018

Reconciliation of Total Operating Expense, Net to Adjusted Operating Expense: (in thousands, except per customer data)

Total operating expense, net $44,135 $31,222 $26,936

Depreciation expense (14,946) (11,012) (8,964)

Amortization expense (9) (5) (33)

Non-cash compensation expense (2,690) (387) (726)

ARO accretion expense (489) (313) (211)

Financing deal costs (116) (119) (1,523)

Natural disaster losses and related charges, net (31) - (316)

IPO costs - (739) -

Amortization of payments to dealers for exclusivity and other bonus arrangements (351) - -

Provision for current expected credit losses (1,864) - -

Adjusted Operating Expense $23,639 $18,647 $15,163

Adjusted Operating Expense per weighted average customer $289 $301 $317

Non-GAAP Reconciliation – Adjusted Operating Expense

17

Financial Statements & Operating Metrics(dollars in thousands; customer counts and per customer values in units; customer values in millions)

BALANCE SHEETAs of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

AssetsCurrent assets:

Cash 27,172$ 15,509$ 56,318$ 100,026$ 53,723$ 71,149$ 52,706$ 43,858$ 58,776$ 51,026$ 83,485$ 73,436$ Accounts receivable - trade, net 6,383 5,222 4,331 5,197 7,728 7,650 6,312 7,363 11,150 10,383 10,672 10,039 Accounts receivable - other 10,242 2,442 7,821 5,744 7,571 10,050 3,721 3,153 4,531 5,922 6,147 9,264 Dealer advances 9,255 12,306 - - - - - - - - - 45 Other current assets (A) 7,540 7,016 12,807 13,787 20,148 18,088 26,794 31,580 34,546 59,058 174,016 187,172

Total current assets 60,592 42,495 81,277 124,754 89,170 106,937 89,533 85,954 109,003 126,389 274,320 279,956

Property and equipment, net (B) 974,285 1,044,741 1,113,073 1,165,281 1,224,378 1,280,802 1,328,457 1,399,299 1,499,891 1,620,048 1,745,060 1,884,576 Customer notes receivable, net 52,455 60,435 73,657 93,714 118,872 143,682 172,031 197,780 223,645 255,070 297,975 338,514 Other assets (C) 47,378 51,641 60,781 71,264 78,146 93,814 75,064 86,430 120,125 148,279 169,712 179,134

Total assets 1,134,710$ 1,199,312$ 1,328,788$ 1,455,013$ 1,510,566$ 1,625,235$ 1,665,085$ 1,769,463$ 1,952,664$ 2,149,786$ 2,487,067$ 2,682,180$

Liabilities, Redeemable Noncontrolling Interests and Stockholders' EquityCurrent liabilities:

Accounts payable 24,400$ 27,997$ 23,867$ 18,838$ 21,377$ 25,612$ 20,075$ 34,904$ 45,134$ 40,342$ 36,190$ 59,657$ Accrued expenses 11,464 11,957 13,976 11,206 10,770 16,436 18,650 12,495 18,861 17,904 39,544 15,158 Current portion of long-term debt (D) 4,135 25,550 107,628 101,301 356,695 365,821 43,465 51,470 75,908 59,404 97,464 100,716 Other current liabilities (E) 6,117 3,652 8,425 7,527 10,109 6,636 13,214 11,206 18,701 13,501 21,804 15,324

Total current liabilities 46,116 69,156 153,896 138,872 398,951 414,505 95,404 110,075 158,604 131,151 195,002 190,855

Long-term debt, net (D) 735,423 765,883 723,697 763,015 543,536 572,303 916,430 1,016,412 1,152,884 1,116,369 1,346,419 1,511,555 Other long-term liabilities (F) 33,239 38,398 41,422 42,747 48,195 53,057 66,453 75,645 92,044 119,128 127,406 145,323

Total liabilities 814,778 873,437 919,015 944,634 990,682 1,039,865 1,078,287 1,202,132 1,403,532 1,366,648 1,668,827 1,847,733

Redeemable noncontrolling interests 7,286 22,992 38,590 49,357 65,230 73,348 85,680 94,016 107,547 156,578 172,305 242,427

Stockholders' equity 312,646 302,883 371,183 461,022 454,654 512,022 501,118 473,315 441,585 626,560 645,935 592,020

Total liabilities, redeemable noncontrolling interests and stockholders' equity 1,134,710$ 1,199,312$ 1,328,788$ 1,455,013$ 1,510,566$ 1,625,235$ 1,665,085$ 1,769,463$ 1,952,664$ 2,149,786$ 2,487,067$ 2,682,180$

INCOME STATEMENT

Period 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020

Revenue (G) 21,743$ 22,359$ 17,802$ 19,784$ 28,963$ 30,429$ 25,206$ 26,715$ 34,612$ 36,615$ 33,614$ 29,829$

Operating expense:Cost of revenue - depreciation 6,122 6,701 7,192 7,845 8,274 9,349 9,242 9,653 10,225 10,942 12,716 12,986 Cost of revenue - other 314 398 429 412 448 614 533 652 1,076 1,186 963 1,043 Other operating expenses, net 14,186 14,644 16,412 18,679 17,806 17,062 27,848 20,917 26,021 30,385 29,090 30,106

Total operating expense, net 20,622 21,743 24,033 26,936 26,528 27,025 37,623 31,222 37,322 42,513 42,769 44,135

Operating income (loss) 1,121 616 (6,231) (7,152) 2,435 3,404 (12,417) (4,507) (2,710) (5,898) (9,155) (14,306)

Interest expense, net 25,153 15,523 12,243 4,983 10,724 9,416 26,459 31,661 37,310 30,884 8,169 67,318 Interest expense, net - affiliates 11,428 2,665 2,523 2,493 2,354 2,398 2,303 1,822 1,575 701 - - Interest income (766) (854) (959) (1,192) (1,418) (1,763) (2,077) (2,494) (2,967) (3,407) (3,615) (4,620) Loss on extinguishment of long-term debt, net - affiliates - - - - - - - - 10,645 - - - Other (income) expense - - - - (1) - - - 534 293 53 -

Loss before income tax (34,694) (16,718) (20,038) (13,436) (9,224) (6,647) (39,102) (35,496) (49,807) (34,369) (13,762) (77,004) Income tax - - - - - - - - - - - -

Net loss (34,694) (16,718) (20,038) (13,436) (9,224) (6,647) (39,102) (35,496) (49,807) (34,369) (13,762) (77,004) Net income (loss) attributable to redeemable noncontrolling interests 128 213 (996) 774 3,350 (13) 1,726 3,018 931 3,221 3,747 (5,929) Net loss attributable to stockholders (34,822)$ (16,931)$ (19,042)$ (14,210)$ (12,574)$ (6,634)$ (40,828)$ (38,514)$ (50,738)$ (37,590)$ (17,509)$ (71,075)$

18


STATEMENT OF CASH FLOWS


CASH FLOWS FROM OPERATING ACTIVITIESNet loss (34,694)$ (16,718)$ (20,038)$ (13,436)$ (9,224)$ (6,647)$ (39,102)$ (35,496)$ (49,807)$ (34,369)$ (13,762)$ (77,004)$ Adjustments to reconcile net loss to net cash (used in)

operating activities:Depreciation 7,025 7,612 8,219 8,964 9,386 10,650 10,290 11,012 11,627 12,348 14,353 14,946 Impairment and loss on disposals, net 410 259 1,043 704 451 80 6,330 364 487 385 536 331 Amortization of deferred financing costs 7,968 2,510 2,293 2,570 1,793 2,125 2,586 6,324 1,446 1,025 1,027 3,494 Amortization of debt discount 28 453 269 242 259 265 317 472 820 735 991 4,663 Amortization of debt discount - affiliates 8,402 - - - - - - - - - - - Non-cash effect of equity-based compensation plans 341 532 350 726 682 774 802 281 713 5,980 2,261 2,690 Non-cash payment-in-kind interest on loan - affiliates 880 1,426 1,263 1,297 1,403 1,432 1,392 1,158 1,043 515 - - Unrealized (gain) loss on derivatives 5,105 1,832 (1,502) (9,140) (4,518) (6,989) 26,747 7,032 10,417 12,813 (11,025) 7,596 Unrealized (gain) loss on fair value option instruments - - - - - - - - 534 (437) 53 - Loss on extinguishment of long-term debt, net - affiliates - - - - - - - - 10,645 - - - Other non-cash items 595 731 1,075 1,599 1,026 976 1,217 1,000 2,470 1,167 3,805 3,424 Changes in components of operating assets and liabilities:

Accounts receivable (1,927) 867 643 (1,154) (3,328) (3,192) 2,691 (1,167) (5,430) (1,409) (1,343) (2,755) Dealer advances (559) (5,065) (2,734) (237) - - - - - - - (45) Other current assets (692) 1,065 (1,157) (3,640) (2,965) (789) (3,937) (8,961) (396) (2,396) (119,988) 4,169 Other assets (1,187) (1,050) (1,107) (1,546) (2,054) (2,971) (1,958) (3,979) (22,084) (11,724) (2,331) (8,682) Accounts payable (2,169) 987 267 (1,064) 485 434 (851) 6,771 (4,492) 2,877 136 13,768 Accrued expenses 969 2,003 1,079 (2,134) 2,072 2,149 2,147 (4,455) 2,460 (460) 17,554 (17,227) Other current liabilities 2,764 (2,469) 4,654 (776) 2,603 (3,471) 6,582 (2,206) 7,568 (5,287) 8,377 (6,446) Long-term debt - paid-in-kind - affiliates (17,277) - - (1,144) - - (2,040) - - (719) - - Other long-term liabilities 444 445 1,026 (1,051) 588 493 459 (2,580) 715 112 3,632 (1,034)

Net cash provided by (used in) operating activities (23,574) (4,580) (4,357) (19,220) (1,341) (4,681) 13,672 (24,430) (31,264) (18,844) (95,724) (58,112)

CASH FLOWS FROM INVESTING ACTIVITIESPurchases of property and equipment (57,826) (63,923) (70,818) (60,977) (63,090) (60,193) (68,358) (68,902) (95,894) (134,403) (131,623) (141,231) Payments for investments and customer notes receivable (8,874) (13,220) (20,871) (23,462) (27,047) (30,048) (27,797) (27,732) (34,628) (42,031) (54,912) (50,448) Proceeds from customer notes receivable 1,020 615 739 1,526 2,242 1,965 1,982 3,757 5,579 4,736 7,532 6,940 State utility rebates and tax credits 3 68 534 189 261 241 162 111 116 174 267 135 Other, net (874) 224 1,022 (1,586) 101 46 4,994 86 97 (767) 121 289

Net cash used in investing activities (66,551) (76,236) (89,394) (84,310) (87,533) (87,989) (89,017) (92,680) (124,730) (172,291) (178,615) (184,315)

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from long-term debt 536,097 90,614 57,126 45,967 36,940 49,767 312,912 227,930 298,115 62,108 295,207 583,681 Payments of long-term debt (316,607) (51,666) (4,912) (10,448) (3,973) (12,624) (265,046) (123,858) (163,505) (31,492) (23,685) (408,695) Proceeds of long-term debt from affiliates 80,000 15,000 - 15,000 - - - - 15,000 - - - Payments of long-term debt to affiliates (196,835) - - (20,000) - - (20,000) - - (56,236) - - Payments on notes payable - - - - - - - - (248) (1,929) (2,495) (2,398) Payments of deferred financing costs (23,151) (2,788) (1,576) (572) (178) (1,003) (6,845) (5,281) (1,987) (3,167) (1,675) (10,619) Payments of debt discounts - - - - (70) (1,813) (582) (525) (559) - - (229) Proceeds from issuance of common stock, net - - - - - - - 6 (484) 165,173 (243) (41) Proceeds from equity component of debt instrument, net - - - - - - - - - - 13,984 - Proceeds from issuance of convertible preferred stock, net - - 64,890 99,877 (2,731) 59,971 15,654 (2,253) (256) (1) - - Contributions from redeemable noncontrolling interests 16,177 22,105 25,871 17,139 17,726 16,562 27,590 18,030 32,207 69,135 37,777 102,342 Distributions to redeemable noncontrolling interests - - (294) (339) (450) (533) (695) (3,652) (1,491) (1,146) (1,270) (1,373) Payments of costs related to redeemable noncontrolling interests (84) (44) (877) (832) (47) (106) (525) (1,035) (587) (1,533) (2,240) (1,295) Other, net (29) (19) (19) (1) - (5) - (11) (2) (2) (1) (1)

Net cash provided by financing activities 95,568 73,202 140,209 145,791 47,217 110,216 62,463 109,351 176,203 200,910 315,359 261,372 Net increase (decrease) in cash and restricted cash 5,443 (7,614) 46,458 42,261 (41,657) 17,546 (12,882) (7,759) 20,209 9,775 41,020 18,945 Cash and restricted cash at beginning of period 37,491 42,934 35,320 81,778 124,039 82,382 99,928 87,046 79,287 99,496 109,271 150,291 Cash and restricted cash at end of period 42,934 35,320 81,778 124,039 82,382 99,928 87,046 79,287 99,496 109,271 150,291 169,236

Restricted cash included in other current assets (238) (430) (4,555) (293) (2,979) (368) (5,190) (430) (482) (16,688) (10,474) (30,502) Restricted cash included in other assets (15,524) (19,381) (20,905) (23,720) (25,680) (28,411) (29,150) (34,999) (40,238) (41,557) (56,332) (65,298)

Cash at end of period 27,172$ 15,509$ 56,318$ 100,026$ 53,723$ 71,149$ 52,706$ 43,858$ 58,776$ 51,026$ 83,485$ 73,436$

19


SELECTED BALANCE SHEET AND INCOME STATEMENT DETAILAs of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

A - Other current assetsPrepaid inventory -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 96,167$ 17,100$ Inventory 798 773 1,853 2,711 4,339 4,627 9,187 15,787 16,526 17,125 43,749 115,107 Restricted cash 238 430 4,555 293 2,979 368 5,190 430 482 16,688 10,474 30,502 Other prepaid assets 3,991 2,728 3,030 4,999 5,047 4,197 2,739 4,559 5,510 9,626 7,380 7,123 Deferred receivables 295 487 251 252 585 917 555 477 842 2,961 1,506 1,222 Current portion of customer notes receivable 2,152 2,475 2,994 3,820 4,824 5,896 7,601 8,827 10,143 11,652 13,758 15,170 Current portion of other notes receivable 66 123 124 1,712 1,647 1,588 1,522 1,500 1,043 1,006 982 947 Other - - - - 727 495 - - - - - 1

Total other current assets 7,540$ 7,016$ 12,807$ 13,787$ 20,148$ 18,088$ 26,794$ 31,580$ 34,546$ 59,058$ 174,016$ 187,172$

B - Property and equipment, netSolar energy systems 873,099$ 935,719$ 1,031,555$ 1,114,849$ 1,186,890$ 1,253,662$ 1,311,458$ 1,373,925$ 1,459,249$ 1,567,521$ 1,689,457$ 1,836,111$ Construction in progress 119,548 135,661 112,399 89,057 84,443 83,120 77,847 94,743 118,581 141,432 143,449 148,412 Asset retirement obligations 11,801 12,729 13,864 14,948 15,893 16,687 17,381 18,160 19,118 20,335 26,967 29,021 Information technology systems 9,277 9,299 12,063 12,103 12,159 12,854 17,380 18,618 20,488 20,488 28,320 28,495 Computers and equipment 1,063 1,069 1,103 1,151 1,146 1,190 1,251 1,337 1,433 1,489 1,499 1,644 Leasehold improvements 865 883 883 883 883 883 883 883 883 883 1,014 1,314 Furniture and fixtures 730 732 733 733 733 733 735 735 735 735 735 811 Vehicles 469 495 532 539 543 543 548 807 869 885 1,632 1,636 Other 23 25 23 24 50 52 52 92 116 147 146 157

Property and equipment, gross 1,016,875 1,096,612 1,173,155 1,234,287 1,302,740 1,369,724 1,427,535 1,509,300 1,621,472 1,753,915 1,893,219 2,047,601 Accumulated depreciation (42,590) (51,871) (60,082) (69,006) (78,362) (88,922) (99,078) (110,001) (121,581) (133,867) (148,159) (163,025)

Total property and equipment, net 974,285$ 1,044,741$ 1,113,073$ 1,165,281$ 1,224,378$ 1,280,802$ 1,328,457$ 1,399,299$ 1,499,891$ 1,620,048$ 1,745,060$ 1,884,576$

C - Other assetsRestricted cash 15,524$ 19,381$ 20,905$ 23,720$ 25,680$ 28,411$ 29,150$ 34,999$ 40,238$ 41,557$ 56,332$ 65,298$ Construction in progress - customer notes receivable 7,947 12,562 18,235 19,937 19,661 22,441 20,395 19,209 23,124 32,184 37,137 33,903 Exclusivity and other bonus arrangements with dealers, net - - - - - - - 2,166 22,120 32,430 32,791 37,273 Straight-line revenue adjustment 7,567 8,647 9,868 11,328 12,981 14,793 16,682 18,624 20,602 22,673 24,852 26,183 Other 16,340 11,051 11,773 16,279 19,824 28,169 8,837 11,432 14,041 19,435 18,600 16,477

Total other assets 47,378$ 51,641$ 60,781$ 71,264$ 78,146$ 93,814$ 75,064$ 86,430$ 120,125$ 148,279$ 169,712$ 179,134$

D - DebtSunnova Energy International Inc. -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ 37,607$ 38,267$ Sunnova Energy Corporation 78,474 95,275 81,791 77,603 79,316 81,155 60,681 61,855 90,827 4,924 2,428 30 Secure term loans and warehouse facilities:

LV3 40,216 1,222 - - - - - - - - - - AP4 106,079 105,467 106,212 105,583 104,805 104,148 103,442 102,775 94,763 93,328 91,830 - AP6WII 10,005 63,026 82,927 114,525 135,281 133,602 54,294 70,765 - - - - LAPH 234,397 236,603 234,666 232,697 230,823 227,060 43,170 42,877 42,865 42,490 42,119 10,402 EZOP 30,900 29,880 29,740 29,350 28,523 40,500 58,200 96,204 41,318 54,799 119,222 166,459 TEPIH - 27,096 62,319 76,789 93,084 102,139 105,641 - - - - - TEPIIH - - - - - 26,119 54,230 95,481 195,552 201,966 232,431 - TEPH - - - - - - - - - 32,875 89,680 192,944 TEPINV - - - - - - - - - - 90,144 84,427

Solar asset-backed and loan-backed notes:HELI 239,487 232,864 233,670 227,769 228,399 223,401 224,017 217,038 217,641 212,956 213,550 209,304 HELII - - - - - - 256,220 252,939 253,154 248,187 248,392 239,199 RAYSI - - - - - - - 127,948 130,035 129,147 126,849 124,389 HELIII - - - - - - - - 162,637 155,101 149,631 144,167 SOLI - - - - - - - - - - - 402,683

Total debt 739,558$ 791,433$ 831,325$ 864,316$ 900,231$ 938,124$ 959,895$ 1,067,882$ 1,228,792$ 1,175,773$ 1,443,883$ 1,612,271$

20


SELECTED BALANCE SHEET AND INCOME STATEMENT DETAIL (continued)As of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

E - Other current liabilitiesInterest payable 3,459$ 1,391$ 5,216$ 1,964$ 5,660$ 2,538$ 8,150$ 5,063$ 13,486$ 7,257$ 14,680$ 8,978$ Current portion of performance guarantee obligations 680 754 958 1,961 2,215 2,529 2,580 3,058 3,618 3,885 4,067 2,502 Deferred revenue 1,128 639 1,229 2,696 1,327 654 1,593 2,045 651 1,286 2,086 2,893 Current portion of lease liability 844 860 875 891 907 914 871 1,032 946 531 561 924 Other 6 8 147 15 - 1 20 8 - 542 410 27

Total other current liabilities 6,117$ 3,652$ 8,425$ 7,527$ 10,109$ 6,636$ 13,214$ 11,206$ 18,701$ 13,501$ 21,804$ 15,324$

F - Other long-term liabilitiesDeferred revenue 13,483$ 15,539$ 17,779$ 21,296$ 25,248$ 28,595$ 32,455$ 35,900$ 40,089$ 45,609$ 56,767$ 65,664$ Long-term derivative liability 1,453 3,285 2,018 - - - 8,161 14,925 25,341 37,633 27,092 34,771 Asset retirement obligations 12,973 14,011 15,347 16,641 17,988 19,056 20,033 21,123 22,407 23,970 31,053 33,594 Other 5,330 5,563 6,278 4,810 4,959 5,406 5,804 3,697 4,207 11,916 12,494 11,294

Total other long-term liabilities 33,239$ 38,398$ 41,422$ 42,747$ 48,195$ 53,057$ 66,453$ 75,645$ 92,044$ 119,128$ 127,406$ 145,323$


G - RevenuePPA revenue 9,266$ 8,530$ 5,198$ 7,288$ 11,459$ 11,508$ 8,695$ 9,612$ 13,954$ 14,329$ 10,146$ 12,633$ Lease revenue 5,227 5,799 5,940 7,237 8,144 8,452 9,247 9,638 9,620 10,238 10,695 11,542 SREC revenue 6,992 7,773 6,406 4,964 8,898 9,944 6,824 6,592 9,716 10,603 11,542 4,363 Loan revenue 104 122 147 178 224 251 280 371 363 418 493 599 Other revenue 154 135 111 117 238 274 160 502 959 1,027 738 692

Total revenue 21,743$ 22,359$ 17,802$ 19,784$ 28,963$ 30,429$ 25,206$ 26,715$ 34,612$ 36,615$ 33,614$ 29,829$

KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICSAs of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

Cumulative number of customersLease 12,793 14,252 15,951 17,606 19,259 20,507 21,561 22,361 23,176 24,223 25,430 26,988 PPA 24,195 25,375 27,259 28,934 30,228 31,449 32,634 34,180 36,355 39,104 42,115 45,595 Loan 1,770 2,036 2,503 3,247 4,156 5,080 6,104 7,021 8,026 9,227 10,888 12,598 Other - - - - - - - 13 31 67 205 227

Total cumulative number of customers 38,758 41,663 45,713 49,787 53,643 57,036 60,299 63,575 67,588 72,621 78,638 85,408


Weighted average number of customersLease 12,181 13,488 15,079 16,782 18,501 19,892 21,078 21,967 22,762 23,682 24,858 26,149 PPA 23,458 24,788 26,211 28,123 29,576 30,850 32,062 33,361 35,268 37,728 40,580 43,818 Loan 1,621 1,900 2,239 2,882 3,710 4,649 5,620 6,673 7,727 8,925 10,339 11,757 Other - - - - - - - 6 25 40 105 222

Total weighted average number of customers 37,260 40,176 43,529 47,787 51,787 55,391 58,760 62,007 65,782 70,375 75,882 81,946

Estimated gross customer value (customer values in millions; per customer values in units)Estimated gross contracted customer value 948$ 1,027$ 1,127$ 1,270$ 1,316$ 1,382$ 1,476$ 1,568$ 1,652$ 1,739$ 1,879$ 2,035$ Estimated gross renewal customer value 117 139 149 158 164 191 199 203 209 228 248 269$

Estimated gross total customer value 1,065$ 1,166$ 1,276$ 1,428$ 1,480$ 1,573$ 1,675$ 1,771$ 1,861$ 1,967$ 2,127$ 2,304$

Estimated gross total customer value per customer 27,448$ 27,962$ 27,921$ 28,675$ 27,612$ 27,596$ 27,778$ 27,846$ 27,530$ 27,094$ 27,061$ 26,984$ Estimated gross contracted customer value per customer 24,433$ 24,628$ 24,661$ 25,502$ 24,552$ 24,246$ 24,478$ 24,654$ 24,438$ 23,953$ 23,906$ 23,832$

21


KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICS (continued)


Reconciliation of Net Loss to Adjusted EBITDANet loss (34,694)$ (16,718)$ (20,038)$ (13,436)$ (9,224)$ (6,647)$ (39,102)$ (35,496)$ (49,807)$ (34,369)$ (13,762)$ (77,004)$ Interest expense, net 25,153 15,523 12,243 4,983 10,724 9,416 26,459 31,661 37,310 30,884 8,169 67,318 Interest expense, net - affiliates 11,428 2,665 2,523 2,493 2,354 2,398 2,303 1,822 1,575 701 - - Interest income (766) (854) (959) (1,192) (1,418) (1,763) (2,077) (2,494) (2,967) (3,407) (3,615) (4,620) Depreciation expense 7,025 7,612 8,219 8,964 9,386 10,650 10,290 11,012 11,627 12,348 14,353 14,946 Amortization expense 33 34 33 33 34 33 33 5 7 8 9 9

EBITDA 8,179 8,262 2,021 1,845 11,856 14,087 (2,094) 6,510 (2,255) 6,165 5,154 649 Non-cash compensation expense 341 532 350 726 824 916 944 387 1,884 5,980 2,261 2,690 ARO accretion expense 172 188 203 211 402 278 292 313 327 349 454 489 Financing deal costs 65 (51) 16 1,523 (182) (3) 564 119 849 60 133 116 Natural disaster losses and related charges, net - 98 936 316 296 (182) 7,787 - - 54 - 31 IPO costs - - - - 1 80 482 739 1,307 1,758 - - Loss on unenforceable contracts - - - - - - - - - - 2,381 - Loss on extinguishment of long-term debt, net - affiliates - - - - - - - - 10,645 - - - Unrealized (gain) loss on fair value option instruments - - - - - - - - 534 (437) 53 - Realized loss on fair value option instruments - - - - - - - - - 730 - - Amortization of payments to dealers for exclusivity and other bonus arrangements - - - - - - - - 14 241 328 351 Legal settlements - - 575 - - 150 - - 293 967 - - Provision for current expected credit losses - - - - - - - - - - - 1,864

Adjusted EBITDA 8,757$ 9,029$ 4,101$ 4,621$ 13,197$ 15,326$ 7,975$ 8,068$ 13,598$ 15,867$ 10,764$ 6,190$ Interest income from customer notes receivable 719$ 796$ 899$ 1,133$ 1,355$ 1,672$ 1,987$ 2,328$ 2,692$ 3,136$ 3,432$ 4,372$ Principal proceeds from customer notes receivable, net of related revenue 916$ 495$ 592$ 1,349$ 2,031$ 1,718$ 1,714$ 3,429$ 5,224$ 4,333$ 7,058$ 6,378$

Adjusted Operating Cash FlowReconciliation of Net Cash Provided by (Used in) Operating Activities to Adjusted Operating Cash FlowNet cash provided by (used in) operating activities (23,574)$ (4,580)$ (4,357)$ (19,220)$ (1,341)$ (4,681)$ 13,672$ (24,430)$ (31,264)$ (18,844)$ (95,724)$ (58,112)$ Principal proceeds from customer note receivable 1,020 615 739 1,526 2,242 1,965 1,982 3,757 5,579 4,736 7,532 6,940 Financed insurance payments - - - - - - - - (248) (1,929) (2,495) (2,398) Derivative breakage fees from financing structure changes 2,833 - - (666) - - (17,127) 3,428 8,652 - - 31,122 Distributions to redeemable noncontrolling interests - - (294) (339) (450) (533) (695) (3,652) (1,491) (1,146) (1,270) (1,373) Payments to dealers for exclusivity and other bonus arrangements - - - - - - - 2,000 20,000 9,733 - 5,344 Net inventory and prepaid inventory purchases 59 90 1,671 2,742 2,298 1,710 6,350 2,967 4,180 1,036 110,366 (1,593) Payments of non-capitalized costs related to IPO - - - - - - - - - 4,060 884 -

Adjusted Operating Cash Flow (19,662)$ (3,875)$ (2,241)$ (15,957)$ 2,749$ (1,539)$ 4,182$ (15,930)$ 5,408$ (2,354)$ 19,293$ (20,070)$

Adjusted Operating ExpenseReconciliation of Total Operating Expense, Net to Adjusted Operating ExpenseTotal operating expense, net 20,622$ 21,743$ 24,033$ 26,936$ 26,528$ 27,025$ 37,623$ 31,222$ 37,322$ 42,513$ 42,769$ 44,135$ Depreciation expense (7,025) (7,612) (8,219) (8,964) (9,386) (10,650) (10,290) (11,012) (11,627) (12,348) (14,353) (14,946) Amortization expense (33) (34) (33) (33) (34) (33) (33) (5) (7) (8) (9) (9) Non-cash compensation expense (341) (532) (350) (726) (824) (916) (944) (387) (1,884) (5,980) (2,261) (2,690) ARO accretion expense (172) (188) (203) (211) (402) (278) (292) (313) (327) (349) (454) (489) Financing deal costs (65) 51 (16) (1,523) 182 3 (564) (119) (849) (60) (133) (116) Natural disaster losses and related charges, net - (98) (936) (316) (296) 182 (7,787) - - (54) - (31) IPO costs - - - - (1) (80) (482) (739) (1,307) (1,758) - - Loss on unenforceable contracts - - - - - - - - - - (2,381) - Amortization of payments to dealers for exclusivity and other bonus arrangements - - - - - - - - (14) (241) (328) (351) Legal settlements - - (575) - - (150) - - (293) (967) - - Provision for current expected credit losses - - - - - - - - - - - (1,864)

Adjusted Operating Expense 12,986$ 13,330$ 13,701$ 15,163$ 15,767$ 15,103$ 17,231$ 18,647$ 21,014$ 20,748$ 22,850$ 23,639$ Adjusted Operating Expense per weighted average customer 348$ 332$ 315$ 317$ 304$ 273$ 293$ 301$ 319$ 295$ 301$ 289$

22


KEY PERFORMANCE METRICS, NON-GAAP RECONCILIATIONS AND OTHER METRICS (continued)


Number of customers deployed during the periodLease 1,077 1,459 1,699 1,655 1,653 1,248 1,054 800 815 1,047 1,207 1,558 PPA 1,508 1,180 1,884 1,675 1,294 1,221 1,185 1,546 2,175 2,749 3,011 3,480 Loan 277 266 467 744 909 924 1,024 917 1,005 1,201 1,661 1,710 Other - - - - - - - 13 18 36 138 22

Total number of customers deployed during the period 2,862 2,905 4,050 4,074 3,856 3,393 3,263 3,276 4,013 5,033 6,017 6,770 Average kw per customer 7.2 7.6 7.6 7.2 7.4 7.5 7.7 7.8 7.9 7.8 7.7 7.9

Estimated net system value deployed (in millions) 26$ 29$ 35$ 35$ 34$ 28$ 28$ 25$ 32$ 38$ 43$ 49$ Estimated net system value deployed per new customer 9,085$ 9,983$ 8,642$ 8,591$ 8,817$ 8,252$ 8,581$ 7,639$ 7,974$ 7,550$ 7,146$ 7,276$

Estimated net system value deployed, leases and PPAs (in millions) 24$ 28$ 34$ 34$ 32$ 27$ 26$ 24$ 31$ 36$ 39$ 45$ Estimated net system value deployed per new customer, leases and PPAs 9,284$ 10,610$ 9,489$ 10,210$ 10,859$ 10,936$ 11,612$ 10,230$ 10,368$ 9,484$ 9,246$ 8,859$

23

Key Performance Indicators & Other Metrics and Calculations(dollars in millions; customer and per customer values in units)

KEY PERFORMANCE INDICATORS

As of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20Cumulative number of customers 38,758 41,663 45,713 49,787 53,643 57,036 60,299 63,575 67,588 72,621 78,638 85,408

Period 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020Weighted average number of customers 37,260 40,176 43,529 47,787 51,787 55,391 58,760 62,007 65,782 70,375 75,882 81,946

Adjusted EBITDA 8.8$ 9.0$ 4.1$ 4.6$ 13.2$ 15.3$ 8.0$ 8.1$ 13.6$ 15.9$ 10.8$ 6.2$ Interest income from customer notes receivable 0.7$ 0.8$ 0.9$ 1.1$ 1.4$ 1.7$ 2.0$ 2.3$ 2.7$ 3.1$ 3.4$ 4.4$ Principal proceeds from customer notes receivable, net of related revenue 0.9$ 0.5$ 0.6$ 1.3$ 2.0$ 1.7$ 1.7$ 3.4$ 5.2$ 4.3$ 7.1$ 6.4$

Adjusted Operating Cash Flow (19.7)$ (3.9)$ (2.2)$ (16.0)$ 2.7$ (1.5)$ 4.2$ (15.9)$ 5.4$ (2.4)$ 19.3$ (20.1)$

Adjusted Operating Expense 13.0$ 13.3$ 13.7$ 15.2$ 15.8$ 15.1$ 17.2$ 18.6$ 21.0$ 20.7$ 22.9$ 23.6$ Adjusted Operating Expense per weighted average customer 348$ 332$ 315$ 317$ 304$ 273$ 293$ 301$ 319$ 295$ 301$ 289$ Adjusted Operating Expense per customer, trailing twelve months 1,361$ 1,288$ 1,255$ 1,210$ 1,194$ 1,178$ 1,188$ 1,198$ 1,199$ 1,185$

OTHER METRICS AND CALCULATIONS

As of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

Estimated gross contracted customer value 948$ 1,027$ 1,127$ 1,270$ 1,316$ 1,382$ 1,476$ 1,568$ 1,652$ 1,739$ 1,879$ 2,035$ Estimated gross contracted customer value per customer 24,433$ 24,628$ 24,661$ 25,502$ 24,552$ 24,246$ 24,478$ 24,654$ 24,438$ 23,953$ 23,906$ 23,832$

Estimated gross total customer value 1,065$ 1,166$ 1,276$ 1,428$ 1,480$ 1,573$ 1,675$ 1,771$ 1,861$ 1,967$ 2,127$ 2,304$ Estimated gross total customer value per customer 27,448$ 27,962$ 27,921$ 28,675$ 27,612$ 27,596$ 27,778$ 27,846$ 27,530$ 27,094$ 27,061$ 26,984$

Estimated gross contracted customer value 948$ 1,027$ 1,127$ 1,270$ 1,316$ 1,382$ 1,476$ 1,568$ 1,652$ 1,739$ 1,879$ 2,035$ (+) Estimated gross renewal customer value 117 139 149 158 164 191 199 203 209 228 248 269

Estimated gross customer value 1,065 1,166 1,276 1,428 1,480 1,573 1,675 1,771 1,861 1,967 2,127 2,304 (–) Project debt, net (661) (696) (750) (787) (821) (857) (899) (1,006) (1,138) (1,171) (1,404) (1,574)

Estimated net earning assets 404 470 526 641 659 716 776 765 723 796 723 730 (–) Corporate debt, net (including equity component) (78) (95) (82) (78) (79) (81) (61) (62) (91) (5) (54) (52) (+) Cash and restricted cash 43 35 82 124 82 100 87 79 99 109 150 169 (+) Construction in process 127 148 131 109 104 106 98 114 142 174 181 182 (+) Inventory, prepaid inventory and inventory receivable 1 1 2 3 4 5 9 16 17 17 140 135

Estimated net customer value 497 559 659 799 770 846 909 912 890 1,091 1,140 1,164 (–) Estimated gross renewal customer value (117) (139) (149) (158) (164) (191) (199) (203) (209) (228) (248) (269)

Estimated net contracted customer value 380$ 420$ 510$ 641$ 606$ 655$ 710$ 709$ 681$ 863$ 892$ 895$

Cumulative capital deployed in solar energy systems 873$ 936$ 1,032$ 1,115$ 1,187$ 1,254$ 1,311$ 1,374$ 1,459$ 1,568$ 1,689$ 1,836$ Cumulative capital deployed in customer notes receivable 40 47 58 74 97 120 146 169 193 220 253 285 Exclusivity and other bonus arrangements with dealers, net - - - - - - - 2 22 32 33 37

Cumulative capital deployed 913$ 983$ 1,090$ 1,189$ 1,284$ 1,374$ 1,457$ 1,545$ 1,674$ 1,820$ 1,975$ 2,158$

Average cumulative capital deployed, trailing twelve months 937$ 1,020$ 1,099$ 1,179$ 1,274$ 1,367$ 1,479$ 1,597$ 1,716$ 1,852$

Revenue 21.7$ 22.4$ 17.8$ 19.8$ 29.0$ 30.4$ 25.2$ 26.7$ 34.6$ 36.6$ 33.6$ 29.8$ Interest income from customer notes receivable 0.7$ 0.8$ 0.9$ 1.1$ 1.4$ 1.7$ 2.0$ 2.3$ 2.7$ 3.1$ 3.4$ 4.4$ Principal proceeds from customer notes receivable, net of related revenue 0.9$ 0.5$ 0.6$ 1.3$ 2.0$ 1.7$ 1.7$ 3.4$ 5.2$ 4.3$ 7.1$ 6.4$ Adjusted EBITDA 8.8$ 9.0$ 4.1$ 4.6$ 13.2$ 15.3$ 8.0$ 8.1$ 13.6$ 15.9$ 10.8$ 6.2$

Note: Revenue, interest income from customer notes receivable, and principal proceeds from customer notes receivable, net of related revenue, all exclude benefits from tax credits, which are in financing cash flows, “platform services,” loan sales and sales of other future cash flow streams.

24

Key Performance Indicators & Other Metrics and Calculations(dollars in millions; customer and per customer values in units)

OTHER METRICS AND CALCULATIONS (continued)

Period 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020Number of customers deployed during the periodCA 447 425 550 662 643 672 618 702 947 1,178 1,372 1,230 NJ 1,195 1,477 1,406 1,021 1,146 859 735 692 681 658 920 1,131 CT 20 91 258 406 530 563 603 525 740 752 732 783 MA 128 101 188 220 392 289 343 221 325 340 558 605 MD 33 57 182 103 118 116 160 250 194 171 225 258 NY 99 248 498 451 402 317 277 196 214 578 384 425 PA - - 2 39 74 136 182 183 212 272 278 277 PR 742 338 762 931 350 240 128 102 269 289 678 850 RI - 1 6 8 18 62 60 94 112 135 135 165 TX 25 58 89 149 76 48 36 78 97 150 241 370 All others 173 109 109 84 107 91 121 233 222 510 494 676

Total number of customers deployed during the period 2,862 2,905 4,050 4,074 3,856 3,393 3,263 3,276 4,013 5,033 6,017 6,770

Cumulative MW deployedLease 92.1 103.9 117.8 130.0 142.0 151.4 159.3 165.8 172.8 181.4 191.2 203.5 PPA 164.3 172.2 185.2 196.4 205.9 215.2 224.6 236.3 253.5 275.5 300.0 328.0 Loan 11.6 13.9 17.8 23.8 30.9 37.8 45.5 52.9 60.6 69.1 80.9 94.1

Total cumulative MW deployed 268.0 290.0 320.8 350.2 378.8 404.4 429.4 455.0 486.9 526.0 572.1 625.6

MW deployed during the periodLease 8.6 11.8 13.9 12.2 12.0 9.4 7.9 6.5 7.0 8.6 9.8 12.3 PPA 9.7 7.9 13.0 11.2 9.5 9.3 9.4 11.7 17.2 22.0 24.5 28.0 Loan 2.3 2.3 3.9 6.0 7.1 6.9 7.7 7.4 7.7 8.5 11.8 13.2

Total MW deployed during period 20.6 22.0 30.8 29.4 28.6 25.6 25.0 25.6 31.9 39.1 46.1 53.5

Creation costs - total 64$ 76$ 117$ 107$ 99$ 97$ 86$ 91$ 125$ 158$ 185$ 206$ Creation costs - leases and PPAs 55$ 63$ 96$ 83$ 72$ 67$ 58$ 63$ 91$ 116$ 130$ 155$

Adjusted operating expense allocationCustomer service 8.2$ 6.9$ 6.8$ 8.7$ 8.4$ 6.7$ 10.0$ 11.2$ 12.2$ 12.5$ 13.6$ 14.4$ Sales and marketing 4.8$ 6.4$ 6.9$ 6.5$ 7.4$ 8.4$ 7.3$ 7.5$ 8.9$ 8.3$ 9.2$ 9.3$ Other (0.0)$ 0.0$ (0.0)$ (0.0)$ (0.0)$ (0.0)$ (0.0)$ (0.0)$ (0.1)$ (0.0)$ (0.0)$ (0.0)$

Estimated net system value deployed 26$ 29$ 35$ 35$ 34$ 28$ 28$ 25$ 32$ 38$ 43$ 49$ Estimated net system value deployed per new customer 9,085$ 9,983$ 8,642$ 8,591$ 8,817$ 8,252$ 8,581$ 7,639$ 7,974$ 7,550$ 7,146$ 7,276$

Estimated net system value deployed, leases and PPAs 24$ 28$ 34$ 34$ 32$ 27$ 26$ 24$ 31$ 36$ 39$ 45$ Estimated net system value deployed per new customer, leases and PPAs 9,284$ 10,610$ 9,489$ 10,210$ 10,859$ 10,936$ 11,612$ 10,230$ 10,368$ 9,484$ 9,246$ 8,859$

As of 6/30/17 9/30/17 12/31/17 3/31/18 6/30/18 9/30/18 12/31/18 3/31/19 6/30/19 9/30/19 12/31/19 3/31/20

Customer contract sensitivitiesEstimated gross total customer value - 4% discount rate 1,324$ 1,452$ 1,585$ 1,762$ 1,826$ 1,943$ 2,059$ 2,170$ 2,274$ 2,403$ 2,593$ 2,804$ Estimated gross total customer value - 6% discount rate 1,065$ 1,166$ 1,276$ 1,428$ 1,480$ 1,573$ 1,675$ 1,771$ 1,861$ 1,967$ 2,127$ 2,304$

Estimated gross contracted customer value - 4% discount rate 1,122$ 1,214$ 1,330$ 1,492$ 1,545$ 1,619$ 1,723$ 1,827$ 1,920$ 2,018$ 2,175$ 2,351$ Estimated gross contracted customer value - 6% discount rate 948$ 1,027$ 1,127$ 1,270$ 1,316$ 1,382$ 1,476$ 1,568$ 1,652$ 1,739$ 1,879$ 2,035$

Estimated net contracted customer value - 4% discount rate 553$ 606$ 711$ 861$ 831$ 886$ 948$ 952$ 932$ 1,125$ 1,188$ 1,211$ Estimated net contracted customer value - 6% discount rate 380$ 420$ 510$ 641$ 606$ 655$ 710$ 709$ 681$ 863$ 892$ 895$

25

Sunnova Energy International Inc.

Definitions

Interest Income and Principal Proceeds from Customer Notes Receivable, Net of Related Revenue are considered key performance metrics because under our loan agreements, the customer obtains financing for the purchase of a solar energy system from us, and we agree to operate and maintain the solar energy system throughout the duration of the agreement. Pursuant to the terms of the loan agreement, the customer makes scheduled principal and interest payments to us and has the option to prepay principal at any time in part or in full. Whereas we typically recognize payments from customers under our leases and PPAs as revenue, we recognize payments received from customers under our loan agreements (a) as interest income, to the extent attributable to earned interest on the contract that financed the customer's purchase of the solar energy system; (b) as a reduction of a note receivable on the balance sheet, to the extent attributable to a return of principal (whether scheduled or prepaid) on the contract that financed the customer's purchase of the solar energy system; and (c) as revenue, to the extent attributable to payments for operations and maintenance services provided by us.

For more information about metrics and important notes regarding our financial statements please refer to our periodic reports filed with the SEC and our quarterly earnings presentations available on our website at investors.sunnova.com.

Cumulative Number of Customers includes each customer that is party to an in-service solar service agreement. For our leases, power purchase agreements ("PPA") and loan agreements, in-service means the related solar energy system and, if applicable, energy storage system, must have met all the requirements to begin operation and be interconnected to the electrical grid. For our Sunnova Protect services, in-service means the customer's system must have met the requirements to have the service activated. We do not include in our number of customers any customer under a lease, PPA or loan agreement for whom we have terminated the contract and removed the solar energy system. We also do not include in our number of customers any customer of our Sunnova Protect services that has been in default under his or her solar service agreement in excess of six months.

Weighted Average Number of Customers is calculated based on the number of months a given customer is in-service during a given measurement period. The weighted average number of customers reflects the number of customers at the beginning of the period, plus the total number of customers deployed during the period adjusted by a factor that accounts for the partial period nature of those new customers. For purposes of this calculation, we assume all customers deployed during a month were added in the middle of that month.

Number of Customers Deployed includes the change in the cumulative number of customers during a given measurement period.

Adjusted EBITDA is calculated as net income (loss) plus net interest expense, depreciation and amortization expense, income tax expense, financing deal costs, natural disaster losses and related charges, net, amortization of payments to dealers for exclusivity and other bonus arrangements, legal settlements and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, costs of our initial public offering ("IPO"), losses on unenforceable contracts, losses on extinguishment of long-term debt, realized and unrealized gains and losses on fair value option instruments and other non-cash items such as non-cash compensation expense, asset retirement obligation ("ARO") accretion expense and provision for current expected credit losses.

Estimated Net System Value Deployed, Leases and PPAs represents the Estimated Net System Value Deployed attributable to our lease and PPA contracts and excludes amounts attributable to our loan contracts.

Creation Costs represents the property and equipment attributable to solar energy systems over the period plus all cash paid for customer notes receivable during the period plus the average amount recognized in each quarter for the trailing twelve months of payments to dealers for exclusivity and other bonus arrangements.

Creation Costs, Leases and PPAs represents Creation Costs attributable to our lease and PPA contracts and excludes amounts attributable to our loan contracts.

Cumulative Capital Deployed represents the property and equipment attributable to solar energy systems plus net customer notes receivable, less deferred revenue in other current liabilities and other long-term liabilities, plus payments to dealers for exclusivity and other bonus arrangements.

Adjusted Operating Cash Flow is calculated as net cash used in operating activities plus principal proceeds from customer notes receivable, financed insurance payments and distributions to redeemable noncontrolling interests less derivative breakage fees from financing structure changes, payments to dealers for exclusivity and other bonus arrangements, net inventory and prepaid inventory (sales) purchases and payments of non-capitalized costs related to our IPO.

Estimated Gross Contracted Customer Value represents the sum of the present value of the remaining estimated future net cash flows we expect to receive from existing customers during the initial contract term of our leases and PPAs, which are typically 25 years in length, plus the present value of future net cash flows we expect to receive from the sale of related solar renewable energy certificates ("SREC"), either under existing contracts or in future sales, plus the carrying value of outstanding customer loans on our balance sheet. From these aggregate estimated initial cash flows, we subtract the present value of estimated net cash distributions to redeemable noncontrolling interests and estimated operating, maintenance and administrative expenses associated with the solar service agreements. These estimated future cash flows reflect the projected monthly customer payments over the life of our solar service agreements and depend on various factors including but not limited to solar service agreement type, contracted rates, expected sun hours and the projected production capacity of the solar equipment installed. For the purpose of calculating this metric, we discount all future cash flows at 6% "unless otherwise specified". The anticipated operating, maintenance and administrative expenses included in the calculation of estimated gross contracted customer value include, among other things, expenses related to accounting, reporting, audit, insurance, maintenance and repairs. In the aggregate, we estimate these expenses are $20 per kilowatt per year initially, with 2% annual increases for inflation. We do not include maintenance and repair costs for inverters and similar equipment as those are largely covered by the applicable product and dealer warranties for the life of the product, but we do include additional cost for energy storage systems, which are only covered by a 10-year warranty.

Estimated Gross Renewal Customer Value represents the sum of the present value of future net cash flows we would receive from customers during two five-year renewal terms of our leases and PPAs, plus the present value of future net cash flows we expect to receive from the sale of related SRECs, either under existing contracts or in future sales. From these aggregate estimated renewal cash flows we subtract the present value of estimated net cash distributions to redeemable noncontrolling interests and the estimated operating, maintenance and administrative expenses associated with the solar service agreements. For the purpose of calculating this metric, we discount all future cash flows at 6% "unless otherwise specified". To calculate estimated renewal gross customer value, we use the established industry convention, which assumes 100% of solar leases and PPAs are renewed, due to the expected useful life of the system and costs to the customer associated with an election to purchase or remove the equipment. We further assume that these contracts are renewed at 90% of the contractual price in effect at expiration of the term of the solar service agreement. Because the customer has two renewal options of five years each, for the second renewal period we assume a contractual price of 90% of the price in the first renewal period. Our loan agreements do not contain a renewal feature, and therefore are not included in estimated renewal gross customer value.

Estimated Net Contracted Customer Value represents estimated gross contracted customer value, less debt, plus cash and restricted cash, construction in progress, inventory, prepaid inventory and inventory receivable.

Estimated Net System Value Deployed represents the sum of estimated gross customer value (which includes both contracted and renewal value), plus expected or received utility and up-front governmental incentives, to the extent not included in such estimated gross customer value, plus expected or received contributions from tax equity fund investors for redeemable noncontrolling interests in tax equity vehicles, as each relates to new customers placed in service within a specified period. From these aggregate estimated values, we subtract payments made or expected to be made to our dealers associated with customer solar energy systems.

Adjusted Operating Expense is calculated as total operating expense less depreciation and amortization expense, financing deal costs, natural disaster losses and related charges, net, amortization of payments to dealers for exclusivity and other bonus arrangements, legal settlements and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, costs of our IPO, losses on unenforceable contracts and other non-cash items such as non-cash compensation expense, ARO accretion expense and provision for current expected credit losses.

26

Investor and Media Contacts

Rodney McMahan - Investors

Kelsey Hultberg - Media

investors.sunnova.com

[email protected]

877-770-5211

Sunnova Investor Relations

sunnova.com

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